Athletes are quite popular in their communities. They say, whatever they want, they get, well most of the time. Unfortunately, time is always a major problem for them. Their peaks are short, and lifestyles are always moving fast. They want to stay the lifestyle that their fans expect them to have. Most of the time, they have to live above their means. When they eventually afford high-end life, they have to maintain high levels of performance, exposing them to injuries and turbulent careers.
A smart athlete will need to know several things that will help him improve his or her fortunes upon retirements.
Here are the wise things that every athlete should try.
Invest in a retirement plan
Everyone needs a retirement package. Most athletes retire before they hit 40, and live well beyond their 80s. It is not just about investing. It has to be sound investing where the athlete can continue to earn after retirement. Many athletes playing in major leagues make a lot of money, but they often earn top dollar for less than a decade. They need to invest enough money even when they are at their prime. According to this website, most athletes forget that they will soon retire and sometimes end up doing sketchy spontaneous investments where they end up even losing more money.
Sometimes they retire unexpectedly due to injuries or loss of form. They forget to have a retirement plan spending their money on supercars and expensive homes. The total value of such expenditures after acquiring luxury items is always low. Keeping that lifestyle is costly for the athlete, but a retirement package is imperative.
Focus on a healthy lifestyle
This sounds like common sense when you talk about athletes. However, this information is not always common among athletes. Although many people consider athletes healthy, the toll taken during playing career could develop long-term complications. For example, boxers and football players are at risk of brain injury and long-term mental disorders. Soccer players and athletes are also at risk of joint-related conditions such as osteoarthritis. Taking care of yourself means you will not just have a longer playing career; you will also have a quality long-term life long after retirement. Injuries suffered in a career, and resultant surgeries will always take a toll on the person.
Focus on branding
Athletes are popular among people. They have a substantial social following that they can monetize. People such as Lebron James, Cristiano Ronaldo, and Serena Williams earn millions of dollars through endorsements. Although they are successful athletes, they invest heavily in media and branding. Most of them are active on social media and other popular media. You will notice that they also have professional marketing and branding firms that keep fans updated and entertained. For their reward, some of them are earning well into their retirement. Michael Jordan still earns loads of cash through Nike despite retiring over 17 years ago. Proper branding can keep you well into your career.
Create a transition plan
You will not play for long. By the time you naturally want stability in life, you will be retiring. A transition can keep you earning well beyond the retirement age. Some athletes transition to coaching, sports management, or even into another career. Some go to college and graduate to make themselves useful in the future. Others start businesses and use their social influence to make it popular. Cristiano Ronaldo already has a fledgling relationship with shoe marketers, where he uses his brand CR7.
You can open a hotel, start a cloth line, start a management agency, produce documentaries, and venture into sports journalism and commentary. Doing so ensures that you can use your good reputation in sports and transfer it to commercial success. Find your strengths and desires. If you want to stay within the game, try coaching and sports management. Test your skills and be open to options. Listen to critical advice on your intended transition.
First, every athlete must ensure that his or her career is as long as possible. It must also be relatively drama-free. Personal branding can bring in extra money from endorsements. Doing it professionally yields the best results for any athlete irrespective of level, and there are global, continental, national, regional endorsements to be worn. You don’t have to target international endorsements only, which are hard to get. Investing in retirement is also a wise idea. Keeping a calm lifestyle can help you save more and remain healthy over time. A transitional career can prevent you from exhausting whatever you have saved. Some transitional jobs can also bring in more money than a playing career.